Answer the following questions following all the requirements. Remember to explain your answers for ease in understanding.

A pension fund provides the following benefits: (a) on compulsory retirement at age 65 or on retirement after age 60 for any reason, a pension of 1/60th of final pensionable salary for each year of service (with months counting proportionately) (b) on leaving service before age 60, a deferred pension payable from age 65 of 1/60th of final pensionable salary for each year of service (with months counting proportionately) (c) on death in service before retirement, a lump sum equal to 4 times final rate of salary Salaries and pensions are revised annually on 1 July each year. Final pensionable salary is defined as the salary received in the last year of service less a deduction, standing at $3,000 on 1 July 2004. Develop formulae to value the above benefits on 1 July 2004 for an existing member of the fund aged x nearest birthday (x